| Coffee Futures Chart = Cover & Go Long Friday, September 16, 2011 |
Arabica coffee futures just reached the technical destination we have been waiting for to cover our shorts.
It has reached the Andrew's Pitchfork Median Line and also the Fibonacci 61.8 % retracement.
There is bullish divergence on the 240 minute chart and the RSI is oversold on this time frame.
There should be a technical rebound from this area. Initially, look for the 15 minute chart RSI to rise up to 50. If it crosses above that level, then look for the 30 minute chart RSI to rise up to 50.
It has reached the Andrew's Pitchfork Median Line and also the Fibonacci 61.8 % retracement.
There is bullish divergence on the 240 minute chart and the RSI is oversold on this time frame.
There should be a technical rebound from this area. Initially, look for the 15 minute chart RSI to rise up to 50. If it crosses above that level, then look for the 30 minute chart RSI to rise up to 50.
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